Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
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Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)

The Gulf Cooperation Council (GCC) countries, the GCC Secretariat General, and the GCC Rail Authority are continuing to finalize the completion stages of the railway linking the GCC countries, announced GCC Secretary-General Jassim al-Budaiwi.

Budaiwi thanked and congratulated the United Arab Emirates on completing the railway construction within its territory and extending it to the border with Saudi Arabia.

Speaking at the Abu Dhabi Middle East Rail Exhibition and Conference, he underlined the keenness of Gulf leaders to support the process of joint Gulf action to enhance cooperation to reach the desired integration in all fields.

GCC states have taken thoughtful steps to coordinate and unify their policies and strategies, aiming to crystallize an applicable collective action framework that meets the ambitions and aspirations of their people, he added.

Budaiwi affirmed that the GCC states have been able to complete several strategic integration projects.

He stressed that the efforts of the General Secretariat, the GCC Rail Authority, and member states to complete the railway project represent a significant step in the joint Gulf interdependence and integration given its direct positive impact on trade and the free mobility of citizens and residents of the Gulf.

The project also supports joint investments between the member states and strengthens Gulf economic integration and its impact on the global economy.

Budaiwi remarked that the member states, the General Secretariat, and the Gulf Rail Authority are following up on the implementation of the GCC railway project and some member states have already completed building parts of the project within their territories.



Libya Announces First Bidding Round for Oil Exploration in 17 Years

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
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Libya Announces First Bidding Round for Oil Exploration in 17 Years

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)

Libya plans its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting Chairman of the National Oil Corporation (NOC), announced in a televised address on Monday.

Libya is Africa's second-largest oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC).

Foreign investors have been wary of putting money into Libya, which has been in a state of chaos since the overthrow of Moammar al-Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfields shutdowns.

In August, Libya lost more than half of its oil production, about 700,000 bpd, and exports were halted at several ports as a standoff between rival political factions over the central bank threatened to end four years of relative peace.

The shutdowns lasted for over a month with production gradually resuming from early October.

That did not stop major oil companies Eni, OMV, BP, and Repsol from resuming exploration activities in Libya last year after halting them for a decade. Italy's Eni had already signed in 2023 an $8 billion gas production deal with Libya's state-oil National Oil Corporation (NOC).

In January, Libya's acting oil minister, Khalifa Abdulsadek, told Reuters the country needed between $3 billion and $4 billion to reach output of 1.6 million bpd.

The country's current crude production has reached over 1.4 million bpd, about 200,000 bpd short of its pre-civil war high, according to NOC.

Libya is exempt from OPEC+ agreements to limit output.